Gorazd CIBEJ, Managing Director, Slovenian Insurance Supervision Agency, commented on the first half of 2020 market results:
"Slovenian insurance undertakings' total net profit decreased in 1Q2020, compared to the same period of 2019, which was no surprise considering the main driver of the Slovenian insurance companies' profitability is the net investment income, especially of the life insurance portfolios.
In the second quarter of 2020 the total net profit of Slovenian insurance undertakings improved substantially, increasing as compared to the same period in the year 2019 by a little more than 50 percent. On the individual basis, 9 out of the 13 Slovenian insurance undertakings reported operating profit in the second quarter of 2020.
One of the reasons for this positive trend [4.2% increase in GWP] was the earthquake in our neighboring country, in Zagreb, which somehow encouraged people to think about their insurance coverage. This was also, according to our analysis, the reason for the rise in profit. On the other hand, the same applies also for life insurance premium which was higher by 3 percent than in the same period last year."
Health insurance was again the largest insurance class across all market portfolio, with a GWP volume in amount of EUR 329 million. At the same time, health insurance recorded the highest relative growth (+11.8%) and absolute growth (+EUR 35 million) when compared to any other insurance business line, both from life and non-life sectors.
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